Need insight on potential move to an independent agency!
Hi all,
I currently work at a captive carrier and have been interested in switching over to the independent side of things.
I spoke to a guy who runs an agency in which he said his producers are more like mini agents. It's remote, you own your own book with 70/30 commission on NB and 50/50 on renewals (these splits are based on agency revenue from a policy not total premium). It's a commission only role and leads are self generated, no provided leads. This is a huge change for me coming from a captive salary plus commission role. I asked him what the average book size was with all of his producers/agents and he said 100k in premium but I'm not sure if he was really meaning 100k in renewal revenue or if he really meant only 100k in premium.
Regardless, I'm a bit concerned with the self generated leads and need tips on if I do take this position, what's the most consistent way for me to generate myself new business? He mentioned he's had some of his agents in the past purchase leads to some avail. Also, would it be a good idea to do something else full time and focus on this on the side for now until I build a decent book? I have currently written a little over 200k in premium at my current captive agency in 5 months, but that's with leads provided.
Any insight at all would be greatly appreciated!